Surging exports have helped bring Canada’s current account into positive territory for the first time since 2008.

Broadly, the current account tracks the sum total of imports and exports of goods and services, resulting in either a surplus (denoting a net exporter) or a deficit (a net importer).

Canada’s current account stayed in surplus territory throughout the previous commodity super-cycle of the 2000s, before plunging into deficit during the Great Recession, where it has languished up until now. Some are even taking this recent return to surplus as evidence of another commodity super-cycle in the making; however, a closer look at the data suggests that Canada’s surplus honeymoon may end up being short-lived.